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Pet Diabetes Care Devices Market size to exceed $3.3bn by 2028

  • Published Date: February 15, 2022

Pet Diabetes Care Devices Market size is set to exceed USD 3.3 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Global pet diabetes care devices industry is witnessing robust growth owing to increasing prevalence of pet diabetes throughout the globe. Growing emphasis of several medical device companies are focusing on developing innovative pet diabetes care devices to enhance effective diabetes control and management is expected to fuel the market growth. Moreover, the pet owners are considering their pet as a family member and therefore they are providing utmost care due to healthcare concerns, thereby augmenting the market statistics over the coming years.
 

Increasing incidence of obesity among pets with foster the pet diabetes care devices market outlook

The major risk factor to develop diabetes is obesity. Increasing number of obese pets is regarded as the major factor driving the adoption of diabetes care devices. As per the American Veterinary Medical Association estimates, around 35% of the pets are obese or overweight. Overweight pets are susceptible to various diseases that include diabetes and liver disease. These conditions might be fatal if left untreated. Therefore, increasing incidence of obese pet population are at high risk of developing diabetes will significantly foster the market demand in the forecast period.
 

Side effects associated with medication may slow down the market growth

Insulin is the synthetic medication for diabetes. An insulin overdose can trigger hypoglycemia among pets. Hypoglycemia is the most common side effect of diabetes medication. The common symptoms in dogs include altered mentation & behavior, lethargy, twitching and convulsion among others. Such side effects associated with medication may hamper the market growth of diabetes care devices.
 

Technological advancements along with availability of different insulin delivery devices will foster the segmental demand

By device type, the pet diabetes care device market is classified into glucose monitoring devices, insulin delivery devices. The insulin delivery devices are further divided into insulin delivery pen and insulin syringes. The insulin delivery devices segment accounted for USD 1.9 billion revenue in 2021 and is estimated to register a significant CAGR in the forecast timeframe. High growth rate is due to rising technological advancements in insulin delivery devices including insulin pen that enables administering insulin doses more precisely and accurately.
 

Browse key industry insights spread across 140 pages with 233 market data tables & 13 figures & charts from the report,Pet Diabetes Care Devices Market Forecasts By Device Type (Glucose Monitoring Devices, Insulin Delivery Devices {Insulin Delivery Pen, Insulin Syringes }), Animal Type (Cats, Dogs, Horses), End-use (Veterinary Clinics, Home Care Settings, Veterinary Hospitals), Industry Analysis Report, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2022 – 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pet-diabetes-care-devices-market
 

Increasing prevalence of Type II diabetes in cats is fostering the segmental growth

By animal type, the pet diabetes care devices market is segmented into dogs, cats and horses. Cats segment is estimated to reach USD 1.3 billion by 2028. An alarming number of cats are developing diabetes mellitus across the globe.  If diabetic cats is left untreated, it might lead to loss of appetite, weight loss, vomiting, dehydration, problems with motor function, coma or even death. For instance, according to the Cornella University College of Veterinary Medical, cats with diabetes most commonly suffer from the Type II form of the disease. It is estimated that between 0.2% and 1% of cats will be diagnosed with diabetes during their lifetime. Hence, increasing awareness among the owners pertaining to effects of diabetes have boosted product demand.
 

Homecare setting segment is expected to show significant CAGR during the analysis period

Based on the end-use, the pet diabetes care devices market is bifurcated into veterinary hospitals, home care settings and veterinary clinics. The home care settings accounted for 25.9% market share in 2021. High segmental growth is owing to the introduction of novel testing and drug delivery solutions in the market. This share can be attributed to introduction of insulin delivery pens and veterinary glucometers, as these devices does not require training to operate. Such devices reduce the dependency on a veteran and gives the pet owners liberty to monitor, keep a track of glucose level of their pets and manage diabetes efficiently. Thus, aforementioned factors are expected to contribute significantly to the market expansion.
 

Increasing presence of key market players in Europe will largely contribute to the regional market statistics

Europe pet diabetes care devices market accounted for 28% revenue share in 2021 and is predicted to witness lucrative CAGR throughout the forecast period. The increasing prevalence of pet diabetes across the countries of Europe is contributing to the regional market outlook. Moreover, increasing awareness for diabetes treatment and growing concern about pet healthcare is attributing to the industry share. The strong presence of key players coupled with the increasing R&D efforts towards innovative product development is augmenting the regional industry landscape.
 

Novel industry players are focusing on business expansion, acquisitions to capture highest market share

Some of the novel key players operating in global pet diabetes care devices market include Merck, Zoetis, Ulticare, TaiDoc, Becton, Dickinson, and Company, Boehringer Ingelheim Vetmedica Inc. and Allison medical. These companies are adopting inorganic growth strategies such as acquisitions and mergers, new product launch to withstand the increasing competition.
 

For instance, in December 2021, ALR Technologies announced a signing agreement of Memorandum of Understanding (MOU) with Infinovo Medical Co. Ltd for a global supply agreement. As per the agreement, the company will supply P3 Continuous Glucose Monitor (CGM) for use by ALRT platform in the animal health sector. Further, under the terms of the MOU, ALR Technologies and Infinovo will collaborate to integrate Infinovo’s P3 CGM with ALRT’s proprietary GluCurve platform. The company began the testing of GluCurve Pet CGM in veterinary clinics in late December 2021. The testing is scheduled to complete by the end of February 2022. This strategy is expected to help the companies to leverage their technical expertise and gain competitive advantage over its competitors.
 

Authors: Sumant Ugalmugle, Rupali Swain